Monday, July 07, 2008

PetroVietnam targets 16 million tonnes of crude oil


15:57' 05/07/2008 (GMT+7)

VietNamNet Bridge – The Vietnam National Oil and Gas Group (PetroVietnam) is striving to pump out 15.5-16 million tonnes of crude oil this year in an effort to help the nation curb inflation.

In the first half of this year, PetroVietnam pumped out 7.19 million tonnes of crude oil and 3.62 billion cu.m of gas.

PetroVietnam Chairman Dinh La Thang told reporters on July 4 that amidst growing crude oil prices in the world, ensuring exploitation output is most important to boost export turnover, and make more contribution to the state budget.

To this end, he said, the group is working urgently to tap five oil wells ahead of schedule, including Ca Ngu Vang (Gold Tuna) and Bungaorkid ( Malaysia ) wells which are expected to bring out the first barrels later this month.

The three other wells are Phuong Dong, Su Tu Vang (Gold Lion) and Song Doc, to be tapped in August and September.

Thang said PetroVietnam is calling for foreign investment in exploring and exploiting oil and gas in potential areas, while seeking overseas investment opportunities and purchase of oil and gas wells in Africa, America, former SNG countries and Southeast Asia .

The company is finalising negotiations to sign contracts on oil and gas exploration and exploitation in Russia and Venezuela, Thang said.

It also focuses on removing bidding difficulties and ensuring the tempo of projects, particularly key projects.

In the first half of this year, PetroVietnam pumped out 7.19 million tonnes of crude oil and 3.62 billion cu.m of gas, achieving 95 percent and 106 percent of its yearly targets, respectively.

The group earned 5.72 billion USD from crude oil exports, a year-on-year increase of 55 percent. Its six-month revenues made up 24.7 percent of the country’s gross domestic product (GDP).